Payoneer Hidden Fees
 

After making a Payoneer withdrawal, I noticed some extra fees that I did not see originally on the published fee schedule. After inquiring with support, I learned that Payoneer asseses a three percent fee on all transactions outside of the country where the card was issued, which is Belize. This includes all card transactions or ATM withdrawals. This easily makes Payoneer fees the most expensive in the industry.

I hate hidden fees. If you are thinking about using Payoneer, make sure to build an additional %3 into your cost projections for using the money that you earn.

It's not a hidden fee, it's a 3% out of the country where their bank is registered I believe.

For such a major fee, it should be listed or mentioned directly inside of the fee schedule. Small print next to an asterisk at the bottom of the page is totally not sufficient notice to customers. It's a deceptive tactic and that is a strike against their credibility.

you're upset they didn't advertise the weakest part of their business?

1. The footnote you are referring to is in regards to purchases made in a currency other than USD . In this case, a conversion fee of up to 3% is applied by MasterCard. Please note, this is not a fee imposed by Payoneer but rather a charge specific to all MasterCards, which Payoneer does not profit from. Payoneer does not charge for point of sale transactions.

I was withdrawing US dollars and was assessed the fee. What do you mean about currency other than USD?

Didn't you already answer your own question in your initial post? They apparently apply a 3% charge (who gets it is irrelevant) in the extremely unlikely event you're not withdrawing US dollars in Belize.

:2 cents::Oh crap

Yeah, I am frustrated they weren't upfront about it. However, I am a lot more upset with myself for not noticing it until now. Maybe I can help somebody avoid the same mistake that I made.

Hi,

This is not meant to be a hidden fee, and if it was not clear during the sign up process I do apologize for the confusion.

The footnote you are referring to mentions that for any foreign transactions, or transactions made in a non USD currency, charges of up to 3% may apply. Allow me to explain exactly what a "foreign transaction" refers to.

With all credit/debit cards, and also eWallet solutions, there are conversion costs involved when making transactions. This applies to both foreign currency transactions, and also same currency transactions that "cross borders." These would be composed of charges applied by a few different parties (in our case the issuing bank, MasterCard, and Payoneer).

In the case of Payoneer, the conversion charge for making a foreign currency transaction is up to 3%. So if your card is issued in USD, and you make a purchase in EUR, the transaction will be converted using rates of up to 3% above MasterCard's official exchange rates. These are very competitive rates and generally among the best available on the market.

If you're making a same currency transaction, you may also be subject to a cross border charge. This is something that is applied when the merchant or processor charging your card is located in a country outside the card's issuing bank. Please note that this amount is generally between 1-2% (it is a lower charge than foreign currency transactions).

Once again, these are both charges relevant to most credit/debit cards and eWallet solutions. If you have any additional questions about these charges, or any of Payoneer's services/pricing, I'd be more than happy to answer them.

bump for fees:thumbsup